Dr Reddy’s launches new subsidiary in US

Hyderabad: Pharma major Dr Reddy’s Laboratories has launched Promius Pharma LLC, a wholly-owned subsidiary, for specialty business in Bridgewater, US.

“The launch of Promius Pharma is a milestone in our strategy of building a sustainable and profitable branded business. We are committed to establishing a leading position in the US dermatology market,” Mr G. V. Prasad, Vice-Chairman and Chief Executive Officer, Dr Reddy’s said in a release.

The commercial launch of Promius is planned for the third quarter of this year. It would initially focus on the branded dermatology market. It already has three in-licensed and co-developed dermatological products which are scheduled to be launched in the current financial year. The portfolio comprises topical drugs for the treatment of psoriasis, and types of dermatitis.

Further, a pipeline of topical products for Promius is being developed at the integrated product development facility in Hyderabad.

“We are looking to develop a best in class company and are bringing together the most talented people from a cross section of dermatology companies. We have hired a nationally deployed sales force and are currently manufacturing commercial products,” Mr Jeffrey Wasserstein, Executive Vice-President of Dr Reddy’s (North America) and Promius Pharma said.

The Hyderabad-based company’s scrip declined 0.92 per cent at BSE on Thursday and closed at Rs 518.85.